Smile Communications Nigeria Limited's failure to disclose that it's Nigerian shareholders have ongoing and challenging debt to a consortium of banks is threatening it's position as the reserve bidder for the sale of 9mobile. The telco data company has been accused of not only presenting false information in the bidding round but that is now attempting to derail the ongoing sale of the telecoms company by Barclays Africa having lost its attempt to become the preferred bidder.
Unsatisfied with the ongoing bid process, Smile Communications had on May 9, 2018, written the Board of Directors of Emerging Markets Telecommunication Services Limited and Guaranty Trust Bank Plc, representing the 13 local banks, the lenders of the $1.2 billion loan to Etisalat, now known as 9mobile,"raising issues after the fact as it desperately seeks to derail the ongoing bid process for the sale of 9mobile to Teleology", said a source conversant with the transactions.
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